Plus500 vs FXGrow

If you're choosing between Plus500 and FXGrow, we've compared hundreds of data points side-by-side to make finding the right broker for you easier.
We've also displayed one of our most popular brokers, XTB, as another alternative to consider.

All information collected from www.xtb.com.
Last updated on 01/06/2020.

Company

Plus500 is an online trading service provider who are regulated by the Financial Conduct Authority (UK). To open an account with Plus500, minimum deposits start from £100.

With Plus500 you can trade CFDs on currencies, stocks, bonds, commodities, indices, bitcoin, options, and ETFs. If you like to trade on the go, Plus500 have iPhone, iPad and Android apps so you can trade from anywhere on your phone.

Plus500 offer a downloadable Windows Trader and their popular WebTrader platforms to make your trades and offer support for over 16 different languages.

The spreads offered by Plus500 vary regularly but you can see all their spreads hereFor more information about trading with Plus500, we have put together an in-depth Plus500 review with all the pros and cons about this broker.

FXGrow is an online forex trading service provider who are regulated by CySEC, MiFID, Financial Conduct Authority, ACPR, BaFin, HCMC, FINANSTILSYNET, FI, CNMV. To open an account with FXGrow, minimum deposits start from $100.

With FXGrow you can trade FX, CFDS, energies, and metals. If you like to trade on the go, FXGrow have iPhone, iPad and Android apps so you can trade from anywhere on your phone.

XTB operates with two factors in mind; to provide traders with the fastest execution speeds and to be the most transparent broker on the market, which is reflected by the services and products they provide.

XTB also have a dedicated education area - the Trading Academy - which contains material to help you become a better trader, including video tutorials, trading courses, articles and much more to improve your skills at every step of your trading journey.

If you are looking for a broker that is regulated by the Financial Conduct Authority and focuses on transparency, fast execution speeds and customer service, XTB is a great option.For more information about trading with XTB, we have put together an in-depth XTB review covering the pros and cons of this broker.

Plus500 or FXGrow?

A wide range of instruments or access to MT4?

If you’re a trader looking for a broker that offers a wide variety of instruments to trade, Plus500 is likely the better option out of these brokers. However, if you want a broker that offers MetaTrader4 as a trading platform, FXGrow may be more suitable.

Which broker is more reliable?

You can determine a broker’s reliability & trustworthiness by looking at eight factors:

Who are they regulated by?

How long have they been around for?

Do they hold your money in a separate bank account?

Do they use reputable “tier-1” banks like Barclays, Goldman Sachs or HSBC?

Have they been fined or penalised in the last five years?

The popularity of their service/website

Are they publicly listed?

Where are they located?

Based on these eight factors, we consider Plus500 and FXGrow to be equally reliable. We’ve broken down why below:

As the Financial Conduct Authority are one of the most stringent regulators in the world, both Plus500 and FXGrow will have very strict guidelines to follow to ensure they protect their retail trader clients.

XTB are also regulated by the Financial Conduct Authority.

How long have they been around for?

If a broker has been around for a long period of time, they’re likely to be more reliable (in comparison, most scam brokers only exist for several years before they disappear).

This also suggests that a broker has good risk management processes that have prevented them being caught out by major financial events,
as was the case with Alpari UK going bust when they were there was a policy reversal of capping the Swiss Franc against the Euro.

Plus500 has been around for 12 years, while FXGrow have been around for 8 years.
Our third alternative broker, XTB, have been around for 18 years.

Do they hold your money in a separate bank account?

You wouldn’t want your broker paying their staff out of the same bank account account that you’re depositing your trading funds into, would you?

Fortunately, all regulated brokers must use segregated bank accounts to hold client money. This is one of the reasons why we only feature regulated brokers here on BrokerNotes.

All three brokers above will hold your money in a separate bank account.

Do they use reputable “tier-1” banks like Barclays, Goldman Sachs or HSBC?

Most tier-1 banks like Barclays and HSBC have been around for over 100 years and manage trillions of dollars of assets, proving that they have stood the test of time.

Both Plus500 and FXGrow use tier one banks, but we are not sure of which bank specifically.

Have they been fined or penalised in the last five years?

If a broker has been penalised by a regulator in the past five years, it may mean that they were caught doing something they shouldn’t be doing - which may be of concern to you as an end client.

We’re not aware of any penalties or fines imposed by regulators on Plus500 or FXGrow in the past five years.

How popular is their service/website?

While not always the case, the number of traders a broker has can be a good metric for understanding how reputable a brokers is.

Plus500 is more popular with over 300,000 traders.

Are they publicly listed?

Companies that are publicly listed on a stock exchange tend to be considered more reputable as they will be required to disclose their financials, and aspects of their operations, to the public.

Plus500 is a publicly listed company, while on the other hand FXGrow is still a privately owned company.

Where are they located?

Most reputable brokers tend to be headquartered in a major capital city or a financial hub such as Cyprus.

Plus500 are based in Haifa, Israel, while FXGrow are based in Limassol, Cyprus .

Do they offer the features you need?

Assuming the brokers you’re choosing between are reputable, the next point to consider is whether they offer all of the features you require to trade.

This can be broken down into three categories:

Services & instruments

Platforms & account types

Trading features, risk management tools & funding methods

Services and Instruments

If you’re looking to trade currency pairs,
both Plus500 and FXGrow offer forex trading. Plus500 have a slightly larger variety of currency pairs with 61 pairs, compared to offered by FXGrow. Also, if you’re looking to trade cryptocurrencies,
Plus500 offers a handful of cryptocurrency CFDs to trade, including Bitcoin, Ethereum and Ripple.

If you’re looking to trade commodities like gold, silver or oil, Plus500 may be a better fit as FXGrow does not offer commodity trading.

Platforms & Account Types

In addition to the platform, you’ll also want to ensure that the broker you choose offers the account type best suited to your needs.
XTB, for example, offer a mini account, standard account and VIP account.

For Muslim traders, Plus500 offers an Islamic account, which doesn’t accrue interest or incur/receive rollover swap points, as this is prohibited in Shariah law. You can learn more & compare Islamic trading accounts head-to-head here.

Trading features, risk management tools & funding methods

If you have a certain trading style (e.g. scalping, hedging, or using EAs), you’ll want to double check that the broker you choose allows this, as not all of them do.

While FXGrow also allows scalping and hedging. You can't trade with EAs (expert advisors) on Plus500 but you can trade EAs (expert advisors) with FXGrow.

In terms of risk management tools,
both brokers offer negative balance protection to prevent you owing your broker more than you’ve deposited.

Plus500 also offer stop losses, limit orders, and price alerts to help you automate aspects of your trading strategy.

Plus500 accept Paypal while FXGrow accept Neteller.

Are they affordable for what you need?

Comparing the fee structures of different brokers can be a minefield at times. The important thing to consider is what the spreads & fees are on the specific instruments and account type that you will be using.

For trading EUR/USD, Plus500 charges 0.60 points, while FXGrow charges 0.00 points.
Therefore, FXGrow is the more affordable for this instrument. If you want to compare their spreads across more instruments, You can jump back up to our comparison of their currency pair & indice spreads above.

Another consideration is whether or not your broker charges inactivity, deposit/withdrawal fees, or commissions on trades. If you’re a frequent trader, inactivity fees are unlikely to be an issue.

The Verdict: Plus500 or FXGrow?

There’s no such thing as a perfect broker, but some are going to be a better fit for you than others.

Objectively, FXGrow is more reliable based on our criteria above. Plus500 has a wider range of instruments to trade. Plus500 offer lower spreads on popular forex instruments like EUR/USD and are used by more traders.

Both brokers offer demo accounts, allowing you to test their platforms to see which is suitable for you. You can test drive their demos using the links below:

Company

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